MCX Vol.2, #2, Oct 2008

The dire predictions about today's economy and what it may mean for small businesses like yours and mine, remind me of my grandfather. He supported his family of six by selling pianos during the Great Depression. Sounds impossible doesn't it? Who would buy a piano at a time when everybody was broke? You might assume that his clients were all rich people, but they were just regular folks, like him, who wanted pianos.

Bear with me for a few minutes and I'll tell you what my grandfather's story has to do with you.

Grandpa Watson had several strikes against him. His father died when he was eight and he had to drop out of elementary school to help support the family. So he wasn't educated. He didn't own a car. He never even learned to play a musical instrument. But as a young man, one thing that he knew for sure was that he was born to sell pianos. So he took the train everyday for months to see the president of the nearest piano company, to tell him about his vision of selling the company's pianos. Eventually, the president got curious about the nut who was so determined to sell pianos, so he told his secretary let Grandpa into his office. Big mistake! Grandpa spent the rest of the day convincing the president by, among other things, taking apart a grand piano and putting it back together. That one account led to Watson Music House in Aurora, IL.

This is an amazing story in itself, but then the stock market crashed in 1929, which kicked off the Great Depression. Suffice it to say, my grandfather never considered getting out of the music business, despite the economy. What he did was get creative.

You see, pianos were the flat-screen televisions of their day. They were a big-ticket item, but every family wanted one and even though money was tight, people still bought them, if they could. So my grandfather made it a point to make it possible for every family in town who wanted a piano, to be able to buy one.

He did whatever it took. One approach was to trade one of his new pianos for some antique furniture that a family didn't want. They got their piano and he sold the antiques out of his music store to people who wanted nice furniture. Meanwhile, the proud new piano owners would come into his store every week to buy the latest sheet music to play on their pianos. There was no iTunes then, so buying sheet music and learning to play the latest popular songs was how people enjoyed music in those days. That's why everyone wanted a piano!

The same people also needed piano teachers, piano tuners, etc. A whole mini-economy developed around my grandpa's love of pianos. Eventually his sons opened an appliance store next to the Music House and they prospered in part because of their father's good name.

The point here is that a slow economy doesn't stop people from buying what they really want and it doesn't stop inspired businesses from growing, so if you love what you do and know it's your calling, then get creative about how you do business with people who want what you have and your personal economy will be just fine.

In fact, if you're a coach, people want and need what you have more than ever. Be sure they can find you and once they do, help them hire you.

For more on this topic, read the article below, based on our survey of the financial crisis and how it's impacting coaches. There is a very telling gap between coaches who are hurting and the ones whose businesses are actually growing and that gap can be instructive to us all.

If you'd like for your coaching business to grow even faster, we're holding the price down on the Coach 100 Program™ so more coaches can join it. I've lost count of how many coaches have filled their coaching practices - in months, instead of in years - by learning how to give something of value in exchange for discovering their unique approach to business and signing on new clients. If you want to know more, visit www.ExperiencedCoach.com

By the way, Watson Music House became a million-dollar business. I wonder what mini-economies will develop as a result of you succeeding with your calling?

Keep being great!

Julia Stewart, IAC-CC
President, School of Coaching Mastery

I think the degree to which coaches are affected will be determined by their target audience and their identification of coaching as an assist through an added level of stress and uncertain financial future.

Personally I don't think this will change anything in Canada. Canadians are wait and see people mostly.

My business-coaching work hasn't changed. My clients, on the other hand, are looking at a loss of income.

Polish economy is not affected to the same degree as other economies; however there is a general pulling in the belt. I believe we are in a midst of a mindset change and there will be a greater need for finding other ways ie managing to one's potential and still achieve excellent results. More managers will need to integrate coaching approaches and methodologies to the way of work.

I believe coaches may have to deal with fewer clients. I feel like people are less likely to hire a coach if they are losing jobs or saving money.

I don't know, I don't have a crystal ball, however I could see a segment of the population waking up and realizing they need to move forward with education and new habits. Hence they may choose to get a coach...

What I have noticed is that my clients seem to want to go to every two weeks for sessions. I haven't discussed the possibility of lowering fees. I do think this will delay a scheduled fee raise. I think the important thing is for coaches to clarify that their service is more important than ever in these difficult times. People need the objectivity of a coach in order to make solid decisions rather than being impulsive out of fear or panic.

The economic crisis is producing more coaching clients yet those that may choose not to pay for coaching services.

I believe there will be more clients looking for support to navigate these uncertain times, yet lower coaching fees. I also believe fewer coaches will enter the profession due to he uncertainty, the risk involved will feel bigger than it does in less turbulent times.

I believe that we are going to have to be much more creative in designing our programs and particularly the ways in which we package and deliver our services. For example, I am beginning to offer group coaching to small business owners so that they can share the cost - it is the same number of sessions, but much more affordable for them.